Today, social media analytics expert Julian from quintly joins us to share best practices for choosing social media KPIs. Just as digital analytics KPIs help you manage and evaluate your digital performance, social media KPIs enable you to measure and optimise your social strategy and campaigns. Read on for Julian’s tips!
The financial resources businesses spend are shifting massively towards online and especially social. Thus, marketers want to measure the return on their investment. As in all other business-related fields, KPIs are key to the success. Here are some insights into which social media KPIs are considered to be the best fit in different categories.
The journey of a social strategy is often structured in a similar way: First, the business wants to amplify reach in order to realize growth. Second, the newly gained fans or followers need to be engaged, thus brought closer to the business, their product and the story that should be told. After engaging fans the goal of the next step is to bring highly engaged fans closer to the company in order to create even more valuable brand advocates. In the following, we will discuss three metrics for each of the steps explained brought to you by social media analytics tool quintly.
Quantitative metrics that observe growth goals and help to identify how the competition is performing. Growth metrics are an important KPI for social media marketers that want to amplify reach.
- Fan Growth
The first social media KPI presented is Fan Growth. Almost every marketer in the social sphere wants to reach more people and realize a certain growth. To reach this goal, monitoring is important.
The Gauge chart lets you visualize the goal you set and shows at which stage you are reaching the specific goal. Based on that, marketers are able to retain or adjust strategies depending on the accomplishments.
- Fan Change
Fan Growth always has a change rate, with normal ups and downs. Monitoring those can help identify successful campaigns or determine actions that did not bring the desired result. For gaining better insights on how the competition is performing, comparing your own fan change with other players in your industry can be greatly beneficial.
In this screenshot you can see that MINI had a huge positive fan change outperforming competitors such as BMW, Audi and Mercedes-Benz.
- Reach (a Facebook Insights metric)
Activating Facebook Insights can reveal many meaningful KPIs of your own performance. Beyond analyzing not only KPIs like growth rate, marketers should also measure if they have been able to amplify their real reach. This metric gets increasingly important in times of decreasing organic reach that forces many companies to invest more financial resources in sponsored posts.
Engaging fans is often considered as the ultimate goal while marketing in social media. The following metrics help to identify how the own business and the competition manage to engage their audience or community. Going one step deeper into the analysis it is crucial to identify the best engaging type of content, hashtags and posting hours.
- Total Interactions per Network
The first social media KPI in engagement here is the Total Interactions per Network. This metric shows the best-performing network at a glance. Through this, marketers can identify where their own content and that of the competition receive the highest amount of interactions (likes, comments, shares).
If Instagram is the network on which your business receives more likes and comments than on Facebook, you might consider investing more here than on a network that doesn’t perform as strongly. This social media KPI is highly revealing and should be part of all reporting.
- Interaction by Time
Since the beginning of social media, the topic of the most efficient time of the day to post is a controversial one. There is no rule of thumb as it is highly dependent on the audience, industry and product. Therefore, Interaction by Time is a KPI which should be considered, too. It helps marketers to see when posts receive the most interactions specifically for their own product or service.
With this metric you can see successful posting times for the analyzed group and their communities.
- Average Interactions per post (step further: content analysis such as filter distribution or hashtags)
Going one step deeper into the analysis, the business should now add the first KPI that analyzes at the post-level. Therefore, the Average Interaction per Post is a revealing metric. With this metric, companies can figure out which content is working best and post this more frequently or promote it.
The peaks shown above show content that worked especially well.
Audience Quality Metrics:
The purpose of audience quality metrics is to bring highly engaged users closer to your business and invest more time on brand advocates. The following metrics are able to help businesses to identify these valuable users.
- From impressions and reach to unique engaged users
The funnel below helps marketers to understand the number of impressions vs the number of unique people reached and engaged (liking, commenting, sharing, clicking your content) in the end. Based on that marketers can adjust strategies, if they are not satisfied with the percentages in each level.
- From engaged users to link clicks
Social is often used as distribution channel for companies’ own blogs, landing pages or a feature pages. Therefore, link clicks are the next indicator of whether a post, campaign or sponsored post was successful.
- From social clicks to social conversions
After measuring the clicks on a specific link, we see that users now arrive on the website, where web analytics comes into play. The most accurate measurement of the behavior and goal completion, we must look beyond social media analytics into detailed web analytics.
In order to be successful, it is essential to measure your activities.Once constant analytics is implemented in your routine, you are able to identify areas where you still can improve. Backing up your decision-making is not only essential in web analytics, but also in social media, where increasingly many businesses invest time and budget. Only after setting the right KPIs will you be able to use them to measure the success or failure, and thus the achievement, of your goals. If your business uses social media networks as distribution channels of your communications, you need to know what worked in the past – for you and your competition. After you manage to achieve clicks on your social media campaign, it is time to measure the performance on your website. Here you need to find the right KPIs again to measure your goals on your website. By doing so, you will most likely be a step ahead of your competition.